Hess Q3 Profit Rises

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Hess Q3 Profit Rises

11/01/2007
NEW YORK -- Major oil refiner and marketer Hess Corp. issued a third quarter financial report that shows the company has not been impacted by the lowered refinery margins and production that has plagued other major oil companies reporting their quarter financials recently. The company saw net income reach $395 million for the quarter, compared to $296 in the comparable quarter, the company stated.

In addition, the company's oil and gas production rose to 357,000 barrels per day, from 352,000 in third quarter of 2006, according to the company. While earnings from marketing and refining fell to $46 million, from the $152 million seen in the year ago period, it was offset by the $414 million earned in exploration and production, compared to the $206 million seen in the third quarter of 2006.

So far this quarter, major oil companies such as ConocoPhillips, BP and Shell reported lower net income, as high oil prices and the end of the summer driving season chipped away at refining margins.